IPO Allotment Status: How Allotment Works and How to Check It
Allotment on T+1, money unblocked on T+2, listing on T+3 — and a computer draw that decides who wins. How the process works and five ways to better the odds.
IPO allotment is done after the issue closes. Blocked money is freed on T+2. The stock lists on T+3. This SEBI timeline has been in force since December 2023. Investors can check allotment status on the registrar's site, BSE or NSE, with their PAN. When an IPO is heavily bid, retail allotment runs on a computer draw. Most people get one lot or none.
What IPO Allotment Actually Means
When an investor applies for an IPO, no money leaves the bank account. The amount is only blocked. This is the ASBA system that SEBI uses for all IPO bids in India. Allotment is the step where the registrar decides who gets shares and who gets their money back.
If shares are allotted, the blocked amount is debited. The shares reach the demat account before listing day. If not, the bank simply lifts the block. No money was ever taken, so there is no "refund" in the old sense. It is just an unblock.
The T+3 Timeline, Day by Day
SEBI cut the IPO listing time from six working days to three. The rule covers every issue that opened on or after December 1, 2023, as per the SEBI circular. Here is what happens after the issue closes on day T:
| Day | What happens |
|---|---|
| T | Issue closes at 5 pm. UPI mandates must already stand approved. |
| T+1 | The registrar finalises the allotment, usually by evening. |
| T+2 | Money is unblocked for those who missed out. Winners get shares in their demat account. |
| T+3 | The stock lists. Trading begins on NSE and BSE. |
In practice, the status often shows up on the registrar's site late on T+1 or early on T+2. That is a full day before listing.
How the Registrar Decides Who Gets Shares
Every IPO splits its shares across investor types. Big institutions get one share of the pie. Wealthy investors get another. Retail investors, who bid up to ₹2 lakh, get their own quota.
Within retail, one rule surprises people: the lottery. If the retail book is oversubscribed, the registrar must first try to give every bidder at least one lot. When even that is not possible, a computer draw picks the winners. Bidding for five lots instead of one does not raise the odds. The idea is one PAN, one ticket.
That is why an IPO bid 50 times in retail leaves about 49 of every 50 bidders with nothing. The size of their bids never mattered.
How to Check IPO Allotment Status
Three official routes work for every mainboard IPO:
- The registrar's website. Most Indian IPOs use (earlier Link Intime), KFin Technologies or Bigshare. Pick the IPO name, enter PAN or bid number, and submit.
- BSE. The "Status of Issue Application" page on bseindia.com takes a PAN and bid number.
- NSE. The NSE status page works the same way after a one-time sign-up.
The demat account is the final word. If the shares sit there on the T+2 evening, the allotment went through. No website can say otherwise.
Why Some Bids Get Rejected
Some bids never even reach the draw. The usual reasons:
- Two bids on the same PAN — all of them get rejected, not just the extra one
- UPI mandate approved late, or never approved
- Name or PAN mismatch between the demat account and the bid
- Too little balance when the bank tried to block the amount
Five Ways to Improve the Odds
- One bid per PAN, several PANs per family. A bid from each family member's own account gets its own ticket in the draw. Each needs its own demat account and bank balance.
- Always bid at cut-off. A bid below the final price is out of the race by default.
- Apply early. Approve the mandate at once. Last-hour UPI mandates fail more than any other step.
- Use the shareholder quota. Some IPOs reserve shares for people who hold the parent company's stock. That queue is often shorter.
- Do not chase a high GMP. A hot grey market premium means a flood of bids is coming. That lowers the odds of getting shares, not the other way round.
What Veterans Check Before Applying
Old hands read the subscription numbers at 4 pm on closing day, then decide. A retail book at 2-3 times means fair odds and a calmer listing. A book at 80 times means a long-shot draw. The realistic outcomes there are one lot or nothing.
They also check the demat credit on T+2 evening. Selling on listing day needs the shares to already be in the account.
Sources: SEBI circular on T+3 listing, August 2023; BSE and NSE investor pages. Timelines apply to mainboard IPOs; SME issues can differ.